Charges that the lender may require the borrower to pay if the borrower fails to pay all or a portion of a required installment payment within a certain number of days after it is due.
Amounts accrued and assessed on a delinquent debt; the term includes administrative costs, penalties, and additional interest.
Charges that are assessed for late payments of principal or interest on a loan. Late charges may be determined as a percentage applied to the unremitted payment or as a fixed dollar amount. Some states limit late charges. Federal Regulation AA prohibits a practice called cascading late charges for consumer loans.
Penalty for not making vendor payment within the terms of the contract; by state law, it is established at 1% per month.
in order to avoid any late charges, make sure that at least the minimum due amount, as stated on your monthly statement, reaches the credit card issuer by the due date. The due date is the date by which your payment should be received by the credit card issuer, not the date by which it should be paid. Therefore, make your payments several business days before the specified due date. Late payments have negative effects on your credit history, even if your entire outstanding balance is later paid in full. Credit card issuers and other lenders request your credit reports from credit bureaus to check your credit history. Too many late payments recorded on your credit report could make it harder for you to qualify for any kind of loan or credit card in the future.
A financial penalty that is imposed when there is a delinquency of a payment due that exceeds the grace period.
amounts accrued and assessed on a delinquent debt, including administrative and penalty charges and additional interest.
A contractual financial penalty that is imposed when the delinquency of a payment due exceeds the grace period.